A CASE STUDY ANALYSIS
Introduction
As part of a select group of fellows in the Innovate for Africa Program, I have been working to develop my strategic thinking skills and understanding of how start-ups operate and how to help them grow and scale.
This study is centered on VESICASH. Vesicash provides payment security for businesses and individuals across Africa. It involves a financial arrangement that uses a third-party(Vesicash) to hold and regulate any payments between the two parties of interest. It can help improve the security of online payments and transactions, and it can help to reduce the risk of fraud and scams when people buy and sell goods or services online.
Below is a STEEPLE analysis explaining the external environment in which Vesicash operates:
Vesicash can increase its market share through an increase of its clients base in Nigeria. It can also enhance its visibility through marketing and advertising campaigns. According to the Guardian business news, Nigeria loses about N200 billion yearly to cyber-crime menace, this creates an urgent need to reduce the risk of fraud associated with online payments and transactions.
When creating an effective strategy there are 2 key components to highlight:
Strategic Positioning
Objective Key Results (OKR’s)
The Strategy:
Being less homogeneous than banks, fin-tech companies can create a more diverse, secure, and stable financial services landscape. The strategy is to achieve economies of scale. A strategy to fully penetrate the Nigerian financial market by increasing Vesicash’s client base to include real estate companies such as Mixta Africa and Adron homes. Also to incorporate the use of a mobile app to enhance ease of communication and improve convenience for users.
Planning and measuring the strategy
Vision: To ensure that online payment is improved to the optimal best
Mission: To eliminate all payment fraud and enable everyone, everywhere transact with total confidence
Objective: To increase Vesicash’s network, market share and profitability